Value Management / Engineering

Australian Standard` 4138 defines Value Management as “a structured, systematic and analytical process which seeks to achieve value for money by providing all necessary functions at the lowest cost consistent with required levels of quality and performance”.

Basically, getting what you need, nothing more nothing less; and the best way of getting it.

Value Management has the following key characteristics:

• a specific methodology
• based upon a creative problem solving approach
• involves key stakeholders in a managed team approach
• focuses on function i.e. what it must do, not what it is
• focuses on achieving value-added solutions
• based upon on integration
• focuses on project learning – no one has a mortgage on knowledge or experience
• focuses on “whole of life”

Value Management is the process of challenging the concept designs to see if there are better design solutions, for example, the effect on value say of an alternate design route.

Value Engineering, on the other hand, is the process undertaken to improve the "value" of the final product by challenging the detailed design and construction methodologies. Functionality must never be compromised. Value Engineering builds on the perspectives, as well as the detailed and specialist knowledge which resides with the workshop participants.

MacDonald International staff have attended and/or facilitated at many Value Engineering Workshops. MacDonald International can provide Value Engineering and Value Management as part of its suite of cost engineering services to provide the client with a “one stop shop”.

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